examination

Definition

An evaluation conducted by the state insurance department of an insurance company.

Use examination in a sentence

The examination occurred after the insurance company had received many fraudulent claims as it was a red flag that was raised.

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This year, the office failed their annual examination because they were slow to file claims and had poor customer service ratings.

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With all the states in the United States having unique insurance laws , it is very important that there is a department that will perform an examination of the insurance industry to ensure fairness.

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ChFC Uniform Bank Performance Report (UBPR)